Equal Division of Vancouver Family Property and Debt – Vancouver Divorce Lawyers

Our Vancouver Divorce Lawyers explain that spouses generally get 50% of all family property upon marriage break down as per the BC Family Law Act, unless it would be significantly unfair to divide them 50/50.

So if you and your spouse purchase a property during your marriage, that property will be divided 50/50 upon separation. It does not matter who contributed more to the property…i.e. your spouse paid all the mortgage. If he/she did, that does not mean he/she will get more than 50% of the asset:

Unless there are compelling and unusual circumstances that would make 50/50 unfair, everything will be divided 50/50.

As for family debts, they will also be divided 50/50 so a spouse can’t ask for 50% of the assets and take no responsibility for debts during the marriage.

Our Vancouver Divorce Lawyers are however aware that In some circumstances it is not fair to divide assets or debts 50/50. Let’s look at these circumstances:

Unequal Division of Vancouver Family Property and Debt: “Significantly Unfair”

The BC Family Law Act is quite new so we will have to wait and see what situations result in a division other than a 50/50 division. The Family Law Act lays out the following factors consider when someone says he/she should get more than 50% of Vancouver family property or pay less for 50% of the Vancouver family debt:

  1. the duration of the relationship between the spouses,
  2. the terms of any agreement between the spouses,
  3. a spouse’s contribution to the career or career potential of the other spouse,
  4. whether family debt was incurred in the normal course of the relationship between the spouses,
  5. if the amount of family debt exceeds the value of Vancouver family property, the ability of each spouse to pay a share of the family debt,
  6. whether a spouse, after the date of separation, caused a significant decrease or increase in the value of Vancouver family property or family debt beyond market trends,
  7. the fact that a spouse, other than a spouse acting in good faith,
    1. substantially reduced the value of Vancouver family property, or
    2. disposed of, transferred or converted property that is or would have been family property, or exchanged property that is or would have been Vancouver family property into another form, causing the other spouse’s interest in the property or Vancouver family property to be defeated or adversely affected, and
  8. a tax liability that may be incurred by a spouse as a result of a transfer or sale of property or as a result of an order.

Examples of Unequal Division of Vancouver Family Property or Debt – Vancouver Divorce

  1. If your spouse did some reckless spending during the marriage and you should be responsible for such debt such as tax debt;
  2. If you have too low of an income to pay for 50% of substantial debt during the marriage or cohabitation;
  3. If your were only married for one year but your excluded real estate went up in value by $1,000,000 and now he wants $500,000.
  4. If he brought all the money in to the marriage and now after 15 years, you are walking away with no money and a couple kids.

Unequal division of Vancouver family property and debt is a new and complex issue under the family law act. Contact our award-winning family lawyers for a consult to hear about your rights and obligations. 

 

 

LATEST NEWS

TOP CHOICE AWARD
WINNER

Voted Top Family Law Firm
2014 Vancouver, BC

LATEST NEWS